Four More Companies Attain Navratna Status, Boosting India's State-Owned Enterprises
The central government has elevated four firms to Navratna status, enhancing their operational freedom and financial autonomy. These companies include SJVN Ltd, NHPC Ltd, Solar Energy Corporation of India Ltd, and Railtel Corporation of India Ltd. This move increases the number of Navratna firms to 25.
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The central government has elevated four companies to Navratna status, according to the Department of Public Enterprises. The newly upgraded firms are Satluj Jal Vidyut Nigam Ltd (SJVN), National Hydroelectric Power Corporation Ltd (NHPC), Solar Energy Corporation of India Ltd, and Railtel Corporation of India Ltd.
The elevation was approved by Finance Minister Nirmala Sitharaman. With these additions, India now boasts 25 state-owned Navratna companies. Railtel Corporation, a state-owned enterprise, reported an annual turnover of Rs 2,622 crores and a net profit of Rs 246 crores for the fiscal year 2023-24.
Solar Energy Corporation of India Ltd recorded an annual turnover of Rs 13,035 crores and a net profit of Rs 436 crores for the same period. NHPC achieved an annual turnover of Rs 8,405 crores and a net profit of Rs 3,744 crores, while SJVN reported an annual turnover of Rs 2,833 crores and a net profit of Rs 908 crores.
The Navratna status endows these firms with greater operational freedom and financial autonomy, facilitating investments up to Rs 1,000 crore without central government approval. The Department of Public Enterprises highlighted that this status leads to an enhanced delegation of powers and acts as a significant impetus for the companies.
Other Navratna firms include Bharat Electronics Limited, Container Corporation of India Limited, Engineers India Limited, Hindustan Aeronautics Limited, Mahanagar Telephone Nigam Limited, National Aluminium Company Limited, and several others. The Department of Public Enterprises serves as the nodal agency for policy formulation regarding Central Public Sector Enterprises (CPSEs).
(With inputs from agencies.)
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